Commerce Sec. Ross: US suspends its special treatment for Hong Kong

Dhwani Mehta FXStreet

US Commerce Secretary Wilbur Ross said in a statement on late Monday, they suspended the preferential treatment given to Hong Kong, including export license exceptions.

Ross added that the further actions to eliminate differential treatment for Hong Kong were also being evaluated, as Washington steps up pressure on China over its decision to impose security legislation on Hong Kong.

This came ahead of China's parliamentary passage of the national security legislation for Hong Kong this morning.

Meanwhile, Hong Kong’s leader Carrie Lam was quick to respond to the legislation and US threats.

Lam said it is not appropriate for her to comment on national security legislation as meeting in Beijing is still ongoing.

Any sanctions against city will not "scare us", she added.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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